News Report 02 May 2019 Local
1. Gov’t tightens rules on issuance of work permits for foreigners Manila Bulletin, 02 May 2019, p. 1, continued on p. 7
The Department of Justice (DOJ) Department of Labor and Employment (DOLE) Bureau of Immigration (BI), and Bureau of Internal Revenue (BIR) Commissioner Caesar Dulay signed the joint guidelines tightening rules in regulating the issuance of work permits for foreign nationals.
The DOJ explained the joint guidelines was drafted “to clarify, among others, the work in which an alien may be allowed, the permits required of them, and address the overlap in the areas of responsibility of the agencies and offices as regards the issuance of those permits.”
2. Rody pushes passage of pro-worker laws
The Philippine Star, 02 May 2019, p. 1, continued on p. 9
President Rodrigo Duterte on Labor Day urged Congress to pass legislation to protect workers’
rights. In his Labor Day message released Wednesday, Duterte lamented that the plight of Filipino workers, especially those working abroad, “remains the same.”
Korea -
Economic
3. ‘S&P upgrade to boost FDI inflows into PHL’
Business Mirror, 02 May 2019, p. A2
Economic managers lauded the country’s most recent ascent in the investment grade ladder, saying the “BBB+” rating from S&P Global is an indication of the country’s “sound economic expansion.”
Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said the one-notch upgrade by S&P would bring more interest among foreign investors to participate in the growth process and, in the end, further establish and strengthen the upward trajectory of the Philippine economy.
4. Sumitomo-MHI-TESP takes over MRT-3 rehab Manila Bulletin, 02 May 2019, p. 1, continued on p. 7
Transportation Secretary Arthur P. Tugade announced Wednesday that Sumitomo Corporation, its technical partner, Mitsubishi Heavy Industries (MHI), and MHI’s fully-owned Phil-ippine subsidiary, TES Philippines (TESP), formally took over the reins of the comprehensive rehabilitation and maintenance of the Metro Rail Transit 3 (MRT-3) on Wednesday.
5. ADB allays debt trap fears, cites loans’ value Business Mirror, 02 May 2019, p. A1, continued on p. A2
The Asian Development Bank (ADB) has asserted that loans are still necessary to achieve high economic growth and address development constraints. In a briefing on the sidelines of the 52nd ADB Annual Meeting, ADB Chief Economist Yasuyuki Sawada said debts enable governments like those of the Philippines to increase public spending that boosts the economy and eliminates infrastructure bottlenecks.